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February 12th, 2009 | #261 | |
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February 12th, 2009 | #262 |
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The more I think about all this, the more I'm convinced that it is absolutely imperative that we continue to hammer on the fact that this entire financial meltdown has its origins in the repeal of the Glass-Steagall Act, and that the great chorus of voices that cried so intently for that repeal was 100% kike.
Those goddamned kikes knew exactly what they were doing and why they were doing it. (Yeah, we've got one of them sitting in the Kwan Treasury Secretary's Office, courtesy of Barry Soetoro.)
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No way out but through the jews. Last edited by notmenomore; February 12th, 2009 at 10:00 PM. Reason: spelling |
February 12th, 2009 | #263 |
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Glass = Steagall? Splain Yo Self!
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February 12th, 2009 | #264 | |
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February 12th, 2009 | #265 | |
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The huge part of the fiasco - moreso than freeing the bank holding companies - was the concomittant refusal to provide any regulatory structure (or regulation) for the newly enabled derivative products. Greenspan was a huge influence in allowing this to happen. (Now, like Madeoff, he cries crocodile tears and pretends remorse.) Since there was no law and no regulation of the derivatives, there can be no crime in what happened! The new AG, Holder, has already allowed that there will be no effort to prosecute anything so ordinary as common-law fraud. So all the ripoff artists get to skate back to their Jew York condos (or Tel Aviv) with ill gotten gains 100% intact. I'll look for the link: China (yes, China!) prohibits the mix of commercial and investment banks!
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No way out but through the jews. Last edited by notmenomore; February 12th, 2009 at 10:02 PM. Reason: spelling & comment |
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February 12th, 2009 | #266 | |
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I won't past the whole article but a worthwhile read, itz:
http://www.ft.com/cms/s/0/ba857be6-f...077b07658.html Here's the quote: Quote:
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February 12th, 2009 | #267 |
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Of course these Chinese and Saudis don't have to put up with a cacophony of caterwauling kikes every time they turn around.
What does Linder say? No jews, just right?
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February 14th, 2009 | #268 |
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CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked." Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing. GM declined to comment, the story said. General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans. Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low. GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said. GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW. In addition, it is trying to sell its Hummer SUV and Swedish Saab brands and is reviewing the status of its Saturn brand
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February 14th, 2009 | #269 | |
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February 14th, 2009 | #270 |
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http://news.yahoo.com/s/ap/20090214/...autos_bailouts
AP source: UAW walks away from GM concession talks By TOM KRISHER, AP Auto Writer DETROIT – Negotiators for the United Auto Workers walked out of concession talks with General Motors Corp. Friday night in a dispute over payments to a union-administered retiree health care fund, a person briefed on the talks said Saturday. The breakdown comes at a critical time as GM races against a Tuesday deadline to submit a plan to the government showing how it can become viable. The Detroit-based auto giant is living on $9.4 billion in government loans, and the Treasury Department must approve its viability plan for GM to get $4 billion more. Chrysler LLC, which has received $4 billion in government loans and wants an additional $3 billion, faces the same deadline. At GM, UAW negotiators walked away because the company made demands that were "detrimental to retirees and the ability to provide health care," according to the person, who asked not to be identified because the talks are private. GM spokesman Tony Sapienza would say only that GM is working on its viability plan. |
February 14th, 2009 | #271 |
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It's pretty obvious that the UAW is about to be busted. Probably just one of the many things planned by the recession's architects.
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February 14th, 2009 | #272 | |
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These fucking unions (a very jewy thing in and of themselves) have cut off their noses to spite their faces. Fuck em. I have worked since age 15. I have never been union, nor do I have need of them. I talk to my employer. If I don't like the deal they offer, I go work elsewhere. Look at Michigan, a union state if there ever was one....
Ok, on to Japan. Quote:
http://www.washingtontimes.com/news/...-in-free-fall/
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February 15th, 2009 | #273 | |
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February 15th, 2009 | #274 | |
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What´s bugging me right now is the thought that this recession, depression, whatever you want to call it, could last several years, maybe even ten or more years. I don’t see any growth bringing trends on the near horizon, no new market changing technology, China is starting to mature, India will always be a dysfunctional stain of curried shit, Brazil is full of criminals and niggers, and the West is literally drowning under an ocean of debt and miss investment.
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February 15th, 2009 | #275 |
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The West is also drowning (Amerikwa, anyway) under criminal niggers just like Brazil.
You are correct, IMO, though. No new tricks to pull out of the hat to turn things around. War got Amerikwa out last time. I guess the jews will tell Mr. Obongo where to send the troops.
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February 15th, 2009 | #276 |
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At least 200,000 stores and 2,000 to 3,000 malls will close in the United States this year, the bulk of them in the next few months, forecasts Burt Flickinger III, managing director of New York consulting firm Strategic Resource Group.
"In the more marginal malls, a quarter to a half of the space will have the lights turned off, and then you'll see whole abandoned shopping centers," he said. After one of their worst holiday seasons in decades, few retailers are in expansion mode and few banks are eager to hand stores cash, so much of the space is likely to sit empty for the foreseeable future. That will place considerable pressure on landlords - especially those who bought or developed buildings near the top of the market. Publicly traded mall real estate investment trusts hold more than $23 billion in debt coming due this year and next, according to a report by Newport Beach (Orange County) real estate research and consulting firm Green Street Advisors. http://www.sfgate.com/cgi-bin/articl...&type=business
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February 15th, 2009 | #277 |
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http://www.bloomberg.com/apps/news?pid=2....
Feb. 15 (Bloomberg) -- Donald Trump’s resignation from debt-laden Trump Entertainment Resorts Inc. may kill the $270 million sale of the company’s Trump Marina Hotel Casino. The price of the sale includes the settlement of a lawsuit Trump Entertainment filed against the property’s buyer, Richard T. Fields. The deal, inked in May for $316 million and discounted in October, was viewed by some analysts as overpriced for the Atlantic City, New Jersey, property, which Fields’ Coastal Marina LLC planned to refurbish into a Margaritaville casino resort. Trump Entertainment’s lawsuit alleged that Fields had done improper deals with the Seminole Tribe of Florida to develop two Hard Rock casinos. Donald Trump had earlier hired Fields to help the company win development deals with the American Indian tribe. Bondholders, who may push Trump Entertainment into involuntary bankruptcy this week, would be stuck with all three casinos in the declining Atlantic City market should Trump’s unusually structured sale fall through. “I strongly disagree with the bondholders’ decisions and actions,” Trump said in a phone interview yesterday. “Part of the reason that these bondholders can’t make a deal is they’ve lost so much money on other deals, they’ve lost so much money on this deal, and they’re probably going to lose so much money on other deals, that my impression is they don’t care.” The lawsuit has been placed on hold pending closure of the sale in May, and will be dropped with prejudice should the deal be completed as disclosed, regulatory filings show. Walk Away Fields may walk away from the deal because of Trump’s departure from the company’s board and the decline of Atlantic City gambling revenues, a person familiar with matter told Bloomberg News. Calls to Coastal Marina’s office weren’t returned yesterday. Gambling revenue in the seaside resort city fell a record 7.6 percent in 2008, the second straight annual decline as the recession deterred some gamblers, and slot-machine competition from nearby states wooed others. The decline continued in January, with revenue down 9.4 percent. Trump Marina is a 27-story hotel with a casino, theatre, nightclub, and spa on 14 acres in Atlantic City. Analysts including Fitch Ratings’ Michael Paladino, and Gimme Credit LLC’s Kimberly Noland have questioned the likelihood of the sale closing since the deal was first disclosed in May. The lawsuit is referred to as “Power Plant Litigation” in Trump Entertainment regulatory filings, in reference to Power Plant Entertainment LLC, a collaboration between Coastal Marina and the Cordish Co. that built Hard Rock casino hotels in Hollywood and Tampa, Florida with the Seminoles after Fields left Trump. Trump Lawsuit Trump Entertainment’s TER Development is suing for fraud, breach of fiduciary duty, conspiracy, violation of the Florida Deceptive and Unfair Trade Practices Act and interference with prospective business relationship in the Circuit Court of the 17th Judicial District for Broward County, Florida, company filings show. Donald Trump resigned from the board of debt-laden Trump Entertainment on Feb. 13, saying he has nothing to do with the company anymore. Trump’s departure comes ahead of a Feb. 17 deadline to make a $53 million interest payment and after bondholders rejected his offer to buy the company. The target has been extended four times since an initial grace period ended Dec. 31. If an agreement can’t be reached over the weekend Trump Entertainment may file for Chapter 11 early next week, or the bondholders may force it into involuntary bankruptcy, a person familiar with the discussions said. Buyout Rebuffed Trump controls 28 percent of the stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also quit the board, according to an e-mailed statement. Trump offered to buy the rest of the company and was turned down by bondholders, he said in an interview. Tom Hickey, a spokesman for Trump Entertainment, Chief Executive Officer Mark Juliano and Chief Financial Officer John Burke didn’t return phone messages left Feb. 13 and yesterday. “Unless we’re going to be responsible for management it’s just not something that’s worthwhile,” Trump, 62, said in an interview Feb. 13. The Atlantic City, New Jersey-based casino operator said in December it needed to conserve cash and hold debt-restructuring talks with lenders. ‘It’s a Disaster’ Trump said the fate of Atlantic City’s Tropicana Casino Hotel and the under-construction Revel Entertainment LLC project factored into his decision to leave Trump Entertainment. “It’s a disaster and I see what’s happened with so many others, and I don’t want to be a part of it,” Trump said. Tropicana Entertainment LLC was pushed into bankruptcy after being stripped of its New Jersey gambling license. State officials said in December 2007 that the Tropicana Casino Hotel’s service and cleanliness had declined and the property wasn’t being run according to state regulations. Revel Entertainment last month suspended interior work, unable to secure needed financing to finish construction at the 20-acre boardwalk site. Revel had been scheduled to open mid- 2010. Trump is “not thrilled” the company may continue to use his name, he said. Trump Entertainment’s three casinos have been through bankruptcy twice. Holders of most of company’s $1.25 billion in notes and Beal Bank Nevada, which is owed $490 million, have agreed not to exercise default rights for interest or principal payments until 9 a.m. New York time on Feb. 17. ‘Bad Decisions’ The company’s market value has tumbled to $7.3 million from its peak at $842 million in August 2005. Trump Entertainment’s 8.5 percent notes due June 2015 traded at 14 cents on the dollar Feb. 13, according to Trace, the bond-pricing system of the Financial Industry Regulatory Authority. Bondholder representatives “have made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company,” Trump said in the statement. “The company is no longer operated to a standard consistent with other of my holdings.” Legal and consulting fees “will suck the blood from the company” as Atlantic City “tanks and competition from local markets grows,” he said. Past Bankruptcy Trump Entertainment emerged from bankruptcy 3 1/2 years ago. Its predecessor, Trump Hotels & Casino Resorts Inc., sought court protection in November 2004. It had lost money for nine years because of high interest payments that Trump claimed prevented the company from refurbishing and expanding its casinos. The three casino resorts also went through bankruptcy in the 1990s. The company’s biggest bond investors include Franklin Mutual Advisers Inc., Northeast Investors Trust and Massachusetts Financial Services, according to data compiled by Bloomberg. Representatives of bond investors Northeast Investors Trust, Putnam Investments LLC and the John Han**** High Yield Fund couldn’t be reached for comment after business hours. Bondholders hired Stroock & Stroock & Lavan LLP law firm to file the involuntary bankruptcy documents, the Wall Street Journal reported, citing unidentified people familiar with the matter. Trump Entertainment hired law firm Weil Gotshal & Manges LLP as bankruptcy counsel.
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February 15th, 2009 | #278 |
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Mr Luo, speaking at the Global Association of Risk Management’s 10th Annual Risk Management Convention, said: “Except for US Treasuries, what can you hold?” he asked. “Gold? You don’t hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.”
Mr Luo, whose English tends toward the colloquial, added: “We hate you guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . . .we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.” However, Mr Luo said Chinese officials would encourage its banks to finance domestic mergers and acquisitions rather than provide rescue finance to distressed financial companies in other countries: “There will be no bottom-fishing of financial institutions, particularly in the US, because there is a lot of uncertainty about the quality of the books.” The bolded paragraph, particularly, was removed. Completely. I know because a copy was originally emailed to me. Note: Reuters did not disclose that this was an updated version of the release, nor did they change the timestamp on it from Thu Feb 12, 2009 8:22am EST, yet I can confirm the story has changed since 6:56pm on the 13th. It seems like Reuters couldn't take the heat on how touchy this barely-balanced standoff between the US and China is, and how the runaway deficit spending threatens devaluation or hyperinflation. Or maybe someone told them this part had to go. Update: The full version of the quote can still be found in this FT version of the remarks. Update 2: John from HousingDoom points out that this isn't the first time in recent memory that negative news about Treasuries has been snipped from a major wire service. It isn't disturbing to me that the government wants to minimize concern aMr Luo, speaking at the Global Association of Risk Management’s 10th Annual Risk Management Convention, said: “Except for US Treasuries, what can you hold?” he asked. “Gold? You don’t hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.” Mr Luo, whose English tends toward the colloquial, added: “We hate you guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . . .we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.” However, Mr Luo said Chinese officials would encourage its banks to finance domestic mergers and acquisitions rather than provide rescue finance to distressed financial companies in other countries: “There will be no bottom-fishing of financial institutions, particularly in the US, because there is a lot of uncertainty about the quality of the books.” The bolded paragraph, particularly, was removed. Completely. I know because a copy was originally emailed to me. Note: Reuters did not disclose that this was an updated version of the release, nor did they change the timestamp on it from Thu Feb 12, 2009 8:22am EST, yet I can confirm the story has changed since 6:56pm on the 13th. It seems like Reuters couldn't take the heat on how touchy this barely-balanced standoff between the US and China is, and how the runaway deficit spending threatens devaluation or hyperinflation. Or maybe someone told them this part had to go. Update: The full version of the quote can still be found in this FT version of the remarks. Update 2: John from HousingDoom points out that this isn't the first time in recent memory that negative news about Treasuries has been snipped from a major wire service. It isn't disturbing to me that the government wants to minimize concern about the area where virtually all funding pressure is building in our economy. What is disturbing is that private wire services are pliantly censoring concern about these pressures, which are really just simple statements about supply and demand as pertains to Treasuries. Thank God for blogs... Update 3: Yes, it happened -- here's a video record of Rep. Dan Burton reading out the shocking remarks on the floor of Congress. bout the area where virtually all funding pressure is building in our economy. What is disturbing is that private wire services are pliantly censoring concern about these pressures, which are really just simple statements about supply and demand as pertains to Treasuries. Thank God for blogs... Update 3: Yes, it happened -- here's a video record of Rep. Dan Burton reading out the shocking remarks on the floor of Congress. http://ml-implode.com/viewnews/2009-...sOnUSTrea.html
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February 15th, 2009 | #279 |
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TOKYO/DETROIT, Feb 13 (Reuters) - Toyota Motor Corp (7203.T) offered buyouts to some 18,000 U.S. workers and said it would cut pay for executives and blue-collar workers in North America, and an analyst warned it may soon cut working hours in Japan.
The world's No.1 automaker, struggling as the global credit crunch sends auto sales sliding, said it would shut down production for more days in April at plants in the United States, Canada and Mexico and would cut executive pay and bonuses. "The global economy is in a once-in-a-century situation ... Nobody knows if these steps will be enough given the uncertain outlook," said Shotaro Noguchi, an analyst at Mitsubishi UFJ Securities. "Inventory levels are still high, and a recovery in demand is not in sight yet. Toyota may have to adopt work-sharing in Japan in line with production cuts, at the same time as reducing overtime work." The cost-cutting underscores how the world's top automaker and a perennial blue chip in a notoriously volatile sector is struggling amid the worst auto slump in decades. Toyota said the North American moves were intended to keep as many of its North American workers on the payroll as possible. "We hope the new measures will help us adjust while protecting jobs," Toyota Motor Engineering and Manufacturing Vice President Jim Wiseman said. Toyota is on track to post an operating loss of some $4.95 billion for the year to March 31, the first group-wide operating loss in its 70-year history. Shares of the world's largest carmaker ended flat on Friday, underperforming a 0.5 percent rise in Tokyo's transport equipment subindex .ITEQP.T. Noguchi said Toyota's North American announcement detailed previously disclosed plans to cut costs by 500 billion yen ($5.5 billion) in the year from April 1. Toyota said on Feb. 6 it would slash fixed costs, including labour and other costs, by 10 percent in the year to March 2010, partly by reviewing employment terms globally. [ID:nT115762] SLIDING SALES The automaker has cut North American production of top-selling cars such as the Camry and Corolla after sales in the United States, its largest market, fell 15 percent in 2008. It has also suspended work on a new plant in Mississippi that was due to produce its Prius hybrid car beginning in 2010. Rivals Honda Motor Co Ltd (7267.T) and Nissan Motor Co Ltd (7201.T) have also been forced to cut output. Continued... http://www.reuters.com/article/rbssConsu....
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February 16th, 2009 | #280 |
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Budget writers in the Legislature are dealing with a lot of uncertainty as they draw up a spending plan for the 2009-11 biennium -- but they're pretty certain things will be even worse than anticipated by Gov. Chris Gregoire when she proposed her severely straitened budget in December.
That's because tax collections continue to fall short of expected levels because of the recession, making even the most pessimistic revenue forecasts look too optimistic. In the short term, that means deeper cuts will be needed to finish in the black at the close of the current biennium, which ends June 30. In the longer term, it means putting together a 2009-11 budget that could be as much as $8.5 billion short of the amount needed to maintain the current level of services through the next two years. What will that budget look like? "Pick a bad adjective, look it up in your thesaurus and then pick a worse one," House Finance Committee Chairman Ross Hunter, D-Bellevue, said last week. His choice: "horrific." Senate Ways and Means Committee Chairwoman Margarita Prentice, D- Renton, settled on "horrendous" to describe the impending budget cuts. "My expectation is that we will be making some heartbreaking decisions," she said. "Taking votes we figured we would never, ever have to take." There is a potential source of light amid the gloom: The Obamaadministration's economic stimulus package, which was approved by Congress last week. But Hunter, for one, isn't counting on that to save the day. He said any money coming to the state could arrive with strings attached -- or, in the case of money for highway construction, for example, won't have a direct effect on the operating budget, which doesn't include transportation projects. Gregoire's trimmed-back, $33.5 billion December budget is $5.8 billion short of the amount needed to continue existing services at their current level in 2009-11. But that was based, Hunter said, on a midrange revenue projection, between the optimistic and pessimistic extremes. As it happens, he said, the events tied to the most pessimistic forecast, such as layoffs in high tech and aerospace, have come to pass, or -- as in the case of nationwide housing starts in December -- have turned out to be even worse than what was factored into the projections. Taking into account that steeper downward trend (and doubling Gregoire's proposed $500 million cash reserve to guard against future oscillations) widens the $5.8 billion cap to about $8.5 billion, Hunter said. With some areas of spending protected by constitutional mandates or court decisions, such as kindergar- ten-through-12th-grade education, debt service and pension contributions, the burden falls on the rest of the budget, such as higher education, corrections, public safety or environmental protection. So, Hunter said, the Legislature could look at reducing prison costs by releasing nonviolent offenders and keeping tabs on them electronically. But the majority Democrats have not reached a consensus on cuts, he said: "I really don't have a handle on exactly what we're going to do." Prentice thinks the cuts relative to current services may be in the range of $7 billion to $8 billion. "Everybody is still in denial about the depth and seriousness of what this is going to mean," she said. "It's, 'Don't cut us because we're special'; well, everybody's special." The alternative to cutting spending is increasing revenue by raising taxes. Prentice said there's talk of putting together a list of endangered programs the public might support and then asking for a vote to approve the taxes to finance them. But Hunter said Gregoire has clearly said she doesn't want any tax increases. A spokeswoman for Gregoire said it's premature to talk about an $8 billion budget shortfall in 2009-11. But Gregoire is reading the dismal revenue reports, the spokeswoman said, adding, "She wants people to understand that it's going to get worse before it gets better." Part of what's getting worse is the financial situation for the four-plus months remaining in the current budget cycle. Last fall, pessimistic forecasts put revenue at $300 million less than previously anticipated for the balance of the cycle -- but the numbers came up $200 million short in the fourth quarter of 2008 alone, Hunter said. "That's a cash-flow issue," he said. "You actually can't run out of cash money." That means immediate cuts to curtail spending. "The actions you have to take as the end gets closer and closer and the gaps get bigger and bigger get harsher and harsher," Hunter said. The next official revenue forecast is scheduled for mid-March, but the Legislature has asked for an interim projection Thursday. One major issue the Legislature has acted on already would seem to conflict with the picture Hunter and Prentice paint: increasing spending on unemployment compensation by raising the payouts to jobless workers. But that money comes from a separate trust fund, outside the budget, that is financed by payroll taxes, and administrators say it's healthy enough to provide for the expanded benefits. http://seattlepi.nwsource.com/local/...deficit16.html
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